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Reasons now used as excuse??

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Post by IQD4US Mon Dec 19, 2011 2:34 pm

From a business perspective:

This was originally posted 12/17/11 under the Topic "The Importance of the New Year". I am a little upset that any respected individual would now use the very reasons in this post to serve their own purpose as to explaining WHY the RV did not happen last night/this morning - but I'll take it as they seem to think my thoughts have some credibility - here it is again:

Taxes, payroll, interest, Payable/Recievable for EOM (end of month), EOQ (end of quarter) EOY (end of year).

How does any company/govenment/individual expect/handle/implement a change in the value of the currency used "mid-cycle"???

FACT: ISX - closed for trading on/about 12/20/11 - reopen 2012 Why? Purely speculation, but don't they need some time to allow the change?

FACT: Banking industry WORLDWIDE has to balance thier books. When reports are done - they are computed on a monthly/quarterly/yearly - and even though some - like Govenment -do not necessarily have a fiscal year from Jan-Dec, they ALL have quarters. Any governing and auditing agency will want a month/quater/year report.

FACT: There are certain things pertaining to Iraq by UNSC/IMF/WTO that is controlled/authorized/in place UNTIL 12/31/11.

FACT: Iraq banks operate Sunday-Thursday. This year their last operating day will be 12/29/11 - not to reopen until 1/1/12 - IF they do not recognize the New Year as a Holdiay. First payroll due the week after.

Does it not make sense that ALL parties involved (in country) follow a precise plan to prevent confusion? The citizens will already have some concerns, but ALL citizens that are recieving ANY monies will want a clear an concise operating system that applies to thier boss who pays them, the landlord they owe the rent to, the merchants they buy and sell to/from - they will need a "drop dead" date to which the rules of the change apply to all.

It makes the most since - with the budget recently passed - to start at the beginning of the new year for the entire country. It also makes since that they will want thier own citizens to benefit BEFORE anyone else in the world can. Our banks are - for the most part - closed on Sunday. Stock Markets are closed on Sundays. No change for the rest of the world for 12-24 hours.

Now lets take our banks. Having done what most of you have not - been the "little guy" on the other side of the counter - I didn't know crud. Tellers are given a screen to work with, a class on counting currency, and know ABSOLUTELY NOTHING. The Bank Managers have more experience with many types of transactions - but still are not priviledge to the information the Head Office does. Then there is EOM/EOQ/EOY for our banking systems as well. ALL FOREIGN CURRENCY has to be inventoried - and a certain percentage is retained, and the rest sold back OR traded - first within the individual banking oraganization - then trades between banks, then TURNED IN. There are some banks that DO NOT hold foreign currency at all - they have to order it from the main facility. Others have a percentage they keep (like El Paso might retain the Mexico Peso). Others have a date by which they must turn in their current holdings AND NOT ACCEPT MORE - customers are directed to go to the nearest MAJOR branch of that company - or wait til after Jan 1.

SO - IMO (in my opinion) - even IF it were to RV/RI (your choice what you believe is going to happen) - the banks have NO reason whatsoever to accept your foreign currency prior to 01/01/12 - BECAUSE - all the banks do the same thing. Every coin/bill WILL be inventoried at the close of the last day of business of the year.

Ever deposited a check on Friday, and it's in the account Sat - but if you deposit that same check on Saturday - it's not available in your accoun til Mon or Tues (yes, some banks DO NOT do an update on Sun night - so the deposit does not show til after the Mon night update)

Just my 2-cents worth, but in my opinion - sometimes if people don't have experience in certain areas - they can't see the forest for the trees. Let's face it - I got lucky by having someone bring the IQD to my attention - and due to surgery and 8 weeks of not being able to walk - extensive research to verify or debunk the reliability of what I hear and saw. I've watch more UN video - know more about how world currencies affect each other - know more acronyms that I ever had (and my spouse is retired military), and have learned more about world events that I EVER wanted - but I have had the time to study - buy - and feel confident.

Patience - that is another subject - to which I can say I probably have had to experience far less of it than the rest of you.

I don't know a rate - but I do see that according to IMF for the sake of assigning a value for thier current currency - pegged their SDR to the USD - so when I see these $5-+++ rates - I don't buy it for a minute - and as soon as I see "pegged to the GBP" - I don't believe that either - I have found nothing contrary in WTO or IMF. (however you may)

I don't know a date (personally I would like sooner than later), but the business reality is I DON'T see it happening before 01/01/11 - and IRS has that covered if it RV/RI prior to 12:00am EST 01/01/12 - you owned it - and it valued at the higher rate PRIOR to the end of the year.

I think ALL government action between Iraq and the US is prepared for just that - can't reap the benefits - but hit by the tax.

Just my thoughts - not meaning to tick anyone off - just giving a different perspective. Have a Great Day!
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Post by warvet91 Mon Dec 19, 2011 3:14 pm



IQD4US- Thank you for your insight and honesty ...
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Post by showmethe$ Mon Dec 19, 2011 3:41 pm

Thanks...very good an GO RV !!!!
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